Wildlife Management Institute Inc

“Pass-through agreements: wmi has agreements with various state and federal agencies, under which the agency approves a project and associated budget and contracts with wmi to perform certain administrative services for the benefit of the project. Wmi does not control the project or the results thereof but, rather, functions in an administrative capacity as a service to the agency. Under contractual pass-through agreements, in exchange for providing these administrative services, as described below, wmi receives an administrative fee, which is recognized in member services revenues upon receipt. Other than the administrative fees earned, neither cash received nor disbursements made under these agreements are recognized as revenues or expenses, respectively. Cash receipts and disbursements are recognized as changes in the related asset or liability, as applicable, for each program. Cumulative funding received by wmi in excess of disbursements is reported in the funds held for agencies liability. Cumulative disbursements in excess of funding received by wmi are reported in the due from agencies asset. There are two broad categories of pass-through agreements: fiscal agent: agencies remit cash to wmi on behalf of a particular agency-directed program. Wmi holds any unspent funds in its cash accounts, which are not required to be segregated from its operating cash accounts. Wmi disburses funds only upon approval by the respective agency. Limited-term employee (lte): wmi employs ltes for the sole purpose of carrying out various agencies' programs in accordance with agreements with the agencies and ltes. The ltes are legal employees of wmi, are paid by wmi, and receive certain benefits consistent with other wmi employees. However, the agencies retain all management responsibility over the ltes, including defining the job description for each position, approving the ltes' salaries and benefits, supervising the ltes, and being accountable for the performance under the related agreements with the agencies' end customers. The agencies provide advanced funding or reimbursement for related employment costs in addition to wmi's administrative fees.”

“Each year, management considers whether any material tax position wmi has taken is more likely than not to be sustained upon examination by the applicable taxing authority. Management believes that any positions wmi has taken are supported by substantial authority and, therefore, do not need to be measured or disclosed in the financial statements. Tax returns are subject to examination by tax authorities for the most recent three years.”